tv FOX Business After the Bell FOX Business October 24, 2012 4:00pm-5:00pm EDT
concerns come yet the stock is rallying. >> they are cutting 2400. ashley: you can hear the bells are ringing on wall street, another day of trading. the stock's finishing up with red on the screen, the s&p down four, russell 2000 down about a third of a percent. liz: want to look at some funds. a lot of you are emerging into etfs. the social media etf getting quite a bump. because of facebook. some of the top holdings include link in, pandora, and also facebook which up until yesterday was struggling but came up with some numbers and
showed they were monetizing the mobile ads immediately the stock responded. ashley: signs of a slowdown today, dow transports falling almost 2%, rail names post the biggest losses like csx suffering. liz: coppersmith a barometer of economic activity because it gives you construction slipped to a fresh six-week low. amid mixed signals from the economy. good first-time home sales, but you're still looking at a tentative china but when the bell rings the action begins, we're about to get key earnings from social gaming giant zynga closely related to facebook but also from restaurant cheesecake factory. will they breathe and the results into a stock. cheesecake has done beautifully.
ashley: with a balance sheet more than $2.8 trillion, a on limited bond buying ahead, is the federal reserve in over its head? we have an all-star fed panel who will weigh in. liz: first, what drove the market today. the one and only data download. all three major indices ending the day lower and of course the dow jones industrial adding onto yesterdays pretty significant losses at more than 240 points yesterday. you can see the numbers settle, but the dow tentative for a while at the time the federal reserve announcement cross in the unchanged line 27 times following the fed's announcement and of course slipped into bed e red and never got out. utilities and energy lag. well, look at this price. when was the last time you saw 85 and change? falling to the lowest level in three months after the energy department reported a huge jump in inventories.
oil prices fell more thann1% to end the day under $86 per barrel. new home sales surging in september to the highest level of nearly two years, two and half years, sales plunged 5.7% to a seasonally adjusted annual rate of 389,000 units. ashley: they're coming from or low levels, have to keep that in mind. leary in the pits of the cme. peter here in the studio telling us what is most valued assets and brian rix down why we should be looking for an upside surprise that could take us to 1600. let's start with larry at the cme. larry, you are citing a lack of buyers, is that right? >> yeah, sounds overly simplistic but is the lack of buyers that drove the market action today. let's face facts. on friday we had a dramatic shift to the market.
we were macro focus, china, europe, the fiscal cliff to being micro-focused, worried about every single earnings. there have been some terrible earnings and there have been some good earnings. it would go down a lot further than it is right now. the consolidation and the general dearth of buyers right now. liz: you might have one positive piece of data out of china. we see a little bit of bottoming. everyone looks to the iron ore exports, said linda started to pick up a little bit in september. will people be caught flat-footed if they are not at least partially invested in stocks? >> setting up for armageddon, waiting for the coast is clear investing never make sense. when you compare the stock market to the bonds right now or what have you, they're actually a stunningly cheap to buy.
nothing thnot in the stock markl continue to move up higher and higher every day, but when you compare it relative to everything else it is profoundly cheap right now and everybody needs to be invested just a little bit, and little underweight but be invested in the stock market. ashley: we knew it would perhaps be a tough go of it. are you surprised some of these revenue misses or is it in line with what you expected? >> it is really what i expected. i talked about it last week the top-down number $116, the other number was 106, $10 of expectations already baked into the market. so it doesn't surprise me a bit. what i am surprised by is how we have focused, micro-issues so quickly on friday. ashley: thank you so much. liz: joining us, david wright.
and terra financial group market strategist. you get to write off the bat explain where yo raised in withe market. everybody that i leave completely scared or say now is the time. we had a shaky october, one of the first down october 72008. >> we are heavenly positioned in bonds. the major trend in the market cycle. the market trend in our opinion has turned down for the coming months. ashley: you a little bit more bullish. is there potential for an upside surprise, and if so, where' whet going to come from? >> i would not say we are all that bullish. we're slightly defensive. we would not recommend people reduce that allocation.
there'there is a potential for n upside surprise. the economic news for the u.s. has come in better than expected, but the earnings are coming in not as well as expected. about a third of the s&p 500 has reported their earnings in the earnings were 30% of them still beat expectations but the upside potential comes because right now the s&p 500 is trading at 13. liz: we are getting zynga numbers. when the headlines is the daily active users has jumped from 54 million to now 60 million, that has to be a positive for the stock and as we work on those numbers with me allow you to finish your thought. >> almost a matter of arithmetic. the price earnings ratio is 13, and the consensus 2410 earnings
are $1.15, so all it would take it and mov a move on the pe froo 14 to get us up over 1600. even though i'm not looking for any big gains between now and the end of the year, there's a potential for an upside surprise we would not advise our clients to reduce their equities. ashley: david, as we wait to get more details on zynga's latest earnings despite your bearish outlook use at least the end of the year what is the most undervalued asset right now in your opinion, where would you believe that would be on the market right now? >> muni bonds are undervalued with other categories around the world, we think you will get some upside just from that and guess what, if the tax rate goes up for wealthy investors in january, muni bonds will get a boost in attraction.
and mortgage back also. they are being backed up by the fed new program, pretty good upside. liz: wiki more headlines on zynga, the stock is moving on the news moving higher than the closing price at the moment. zynga has announced the reduction plan cutting 5% of their workforce but what is interesting is monthly active users increased from 227 million in q3 to 311 million in this quarter. so some of these numbers show they are still in adoption of people sitting around naming pixelated cows. i don't get the whole zynga thing. >> the revenue they received from zynga was down, a negative. this was perhaps more on the upside.
liz: that ma they go back to br. if you are at a cocktail party, what is the one area you set up to invest where you would say this would be a good side window but where do you have a little extra money might make this bet. >> we would advise people to the same thing we have been advising all year long. will a high grade corporate bonds in addition to the muniz, but the best place to be is still high dividend paying stocks. even a year ago people said as he asset has gone too far? i see high dividend very blue ship companies paying three and .5%. that is a real return. ashleyliz: giving the dividend y will last? >> they are heavily concentrated
in the more defensive sectors which is health care and utilities and telecoms. in this time of heightened uncertainty for the next, they still make sense. liz: we so appreciate you coming on telling us what you like right now. investors seem to like zynga. ithe revenue is questionable here. we're not going with it, it is very confusing. as we work this out, we don't want to give the wrong number just trying to be first. take from it what you will the aftermarket activity because the stock is moving higher and they appear to have higher monthly active users and higher quarterly active users. ashley: we will continue to look for the revenue number. the security an securities and e commission launched a probe into the abrupt departure of vikram
pandit from citigroup. did the firm disclosed his leavings? charlie gasparino will join us with more details. liz: everybody got all excited about apple yesterday. watch out, there's a new player in town starting with an a and also put out a new tablet getting a lot of buzz. it has not one, but two screens, everybody and that is just the start. a new laptop with a detachable keyboard, the ceo of asus joins us exclusively with a look at their new product. ashley: with billions of dollars on their balance sheet, will the federal reserve exit from these markets outweigh any benefits? a question many are asking. the all-star fed panel will break it down. [ male announcer ] this is steve.
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wall street seemed to like the latest earnings report despite the announcement it will be cutting 5% of their workforce. earnings per share came in with estimates but on the revenue side, rather estimates 256.4 million. zynga reporting revenue 316.6 million including there was a net income loss of 52 million. even with that loss by beating the street estimate by roughly $10 million. back to you. ashley: thank you very much. the stock hitting higher in after-hours trading. let's go back to nicole on the floor of the new york stock exchange to fill us in on what is going on. nicole: that it's right. breaking news on visa. looking at the quarterly dividend. ceo chief executive changes. let's get to the dividend news, they are raising a quarterly dividend 50%, that is a big increase, set will be $0.33 from $0.22 obviously big news year-to-date visa has been a big name.
throughout the day we have followed the change in the month of november, the ceo change expected. mr. saunders will be retiring in november but will still stay on the board. sharp was a board member and base salary $950,000 but a bonus upon bonus. maximum bonus of 500%. that certainly would beat the salary plus, plus, plus. liz: i need that. let's get to vikram pandit, never saw it coming, that was the consensus among wall street analysts as they continue to be ridiculously pieced together the fact surrounding his very weird departure from citigroup last week that it may take a securities and exchange commission inquiry to figure out what really happened. ashley: charlie gasparino on the story has the very latest. what can you tell us which mark speak of is a pretty bizarre story. going out and hiring people who
look at speech patterns to try and figure out. vikram pandit see it coming when he was, remember, he was given a conference call the day before the actual announcement of the firing and they have hired these analysts, former fbi agents and basically look at people's speech patterns to see if they're telling the truth. they hired them to listen to the conference call and what they're concluding is this guy was pretty confident, talking a lot about the long-term future of the company. they think he had no idea. later that afternoon the chairman of the board of citigroup would say i think you should go. now the question becomes should they have disclosed that they were about to fire him, that during the conference call,
wall street is divided on this, no consensus on this. legal experts like harvey pitt said yes, that is a disposable event. the minute you know something like that you should tell analysts especially if you're doing earnings. until the exact decision is made, you don't have to disclose it. clearly the sec is looking at it. it is interesting how wall street, why wall street analysts care. i tell you there is a lingering suspicion out there that wasn't just the final straw being this evaluation of the balance sheet taking $3 billion write-down. there is a lingering suspicion something else is at play that may be material to the stock. that is why everybody is trying to figure this out.
it may take an sec investigation. with these mysteries, it is the logical answer that holds true but i can tell you people aren't buying the logical answer because the way this thing came down was so ill logical. everything is hunky dory. now listen, we should point out in our fleeting capitalist by the day, wall street isn't capitalism and we don't get bailed out of it is capitalism. in this environment i don't think government bureaucrats come you don't want to tell a company who they can appoint, who should stay and who should go. like new companies level with investors and there is a big?
what citigroup did in this case. liz: thank you so much. >> we will get those guys on. liz: see if they can tell when i am lying. do a test. >> you never lie. ashley: thank you, charlie. the fed making no changes in policy. are they leading us down the right path? is there more that can be done to get it shifted into a higher gear? to people who know the fed very well including a former federal reserve economist and of the cato institute. liz: plus, asus ready for windows 8. showing us their newest product here in the studio. this thing has two screens, a cool name, you got to see this. expectations for microsoft
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>> former member of the board of directors sentenced to two years in prison. rajat gupta common man caught up in the insider trading scandal was found guilty on one count of fraud as well as other securities charges a few weeks ago. he has been sentenced to two years in jail, $5 million fine as well as one year of release
when he's out of prison. they issued a statement saying with today's sentence, rajat gupta must face the great conferences of his crime, term of imprisonment, his reputation tarnished. we hope others who consider breaking securities laws will take heed and choose not to follow in his footsteps. as i thought back to you come the ongoing investigation is insider trading on wall street news. back to you. liz: unbelievable. thank you very much, adam shapiro. so yesterday of course it was all over the media, all over fox business that apple came out with the mini ipad yesterday. the tablet wars heated up in the blink of an eye. microsoft set to launch the surface tablet and asus may not be as familiar of a name but in failing windows 8 devices that really caught our eye.
i say this is cool. with all these products flooding the market, how will consumers decide. i wanted yoi have wanted you toe network for so long. i am thrilled you're here now in the studio. the first thing you're going to show us is something i find unbelievable. our producer called and said you have got to see this thing. it is called tai chi. >> i would like to show you this one. this is a very powerful notebook. liz: the back becomes a tablet. >> and very beautiful picture. liz: and that has touchscreen window eight capabilities. >> of course. so you can see.
liz: as you flip it back. >> windows 8. liz: absolutely fabulous. how much does this retail for? >> 1299. liz: this of course is something different because it goes into that laptop version, but when you think about who this is for, who are you targeting? >> the truly powerful notebook and tablet at the same time, so work and play. liz: if i can use it, it is fine. here is how thin it is. how much does it weigh? >> 1.2-kilogram. liz: beautiful.
when you move onto this one and this is the transformer. show us how it transforms. >> this is a very powerful notebook. when you detach it. liz: and that becomes the tablet. >> the thinnest and lightest tablet. liz: i'm thinking you're in the hotel room, you need a laptop and run to the conference and you need the tablet. how much is the price point on this one? >> this one around $999. liz: you partnered with microsoft office. reviews everywhere. but of course there is apple. you cannot ignore that behemoth that is apple. as you look at something like this, show people your actual tablet.
how are you going to convince someone like me to go with this verse is an ipad? >> this actually is not a tabl tablet. liz: even though it looks like it. >> this is actually a smart phone. liz: and what does it do? spea>> this is a super powerful phone. very powerful read the most magical thing is when you do this. liz: and adjust switches around. just beautiful. c. liz: and it will come out. very nice. >> and this one altogether, even lighter than the new ipad. liz: brilliant. i'm going to try and have at
least one of these items, try and steal some of the core customer away from apple. what are you seeing in the landscape right now and how does a name like asus get more traction in the united states? >> asus has become the very engineer oriented company. we're proud of the company. the company is driving this kind of methodology. always trying to drive the best innovation. liz: is there room for all of you? >> i think so. it needs a lot of innovation. i think based on our strong foundation of technology and we are driving the event thinking
methodology, we always try to provide the best. i think we have pretty good room. liz: we have to go but the ultra books you have made, or the adoption of it, people buying as many as you would hope? >> yes, i think so. liz: the numbers are reaching expectations? >> yes. beyond our expectations. even more magical and more innovative. and that is why we have such a confidence. liz: there you go. they are number four. a big name, asus. and this, the tai chi. the screen, the laptop and it flips over into a tablet. great idea. competition is good. asus chairman. ashley: i love it. the phone that goes inside, how cool is that.
liz: so we found out today the federal reserve deciding to make no changes to their policies and vowing to continue the bond buying program until there was clear sign of an economic rebound but our next guest questioned whether the so-called qe3 is really helping ashley: joining us now d david jones and mark calabria. thank you both for being here. all right, david. look, clearly the money spigot is open, the punchbowl is free and the party is still rolling on and the fed today, this was a non-news statement as far as i'm concerned. no big surprise, 15 days
before the election but how long will the fed keep this going? they talk about a recovery. we're seeing some signs of that but obviously do you think this is having an impact, qe3? >> not as much as i think the fed is hoping. remember decision back in september was a full-blown decision. the fed did everything it could with this qe3. open-ended, buying 40 billion in mortgage-backed securities every month. the fed has never gotten into a situation like that. they even extended the period which we'll have essentially zero interest rates on the mid 2015. i can't even forecast the economy for the next we can let alone 2015. so we really do have a situation here where the fed has done all it can and my is the politics in washington and the decisions on the fiscal side that may have more impact on spending and employment than what the fed is doing. so i think the fed's going
to be frustrated here at some point. liz: to be fair, mark, ben bernanke has said over and over again to congress, you guys have to be a major participant in all of this. we can only follow what mandates we follow and they have thrown everything in there. look, if you want to see whether it is working look at housing prices. they look like they bottomed. housing sales look a little better. to be fair, the stock market, they have forced people into the stock market not in numerous numbers. look, they started to move to the upside over the past two years. so the question becomes, mark, is it more about what happens when they pull the rug out, when they have to start tightening? can this market, can this economy stand on its own after all of the stimulus? >> i think that is the real core question. certainly to be fair, chairman bernanke has been very vocal with congress you need to get your act together. much of what he has done is
if borrowing costs were higher they would be forced to do something quicker. the question is what happens when rates are going to go up? i think it is unreal listic to say the rates could stay at current levels for too long. what happens to housing prices when rates go up? what happens to the stock market when rates go up? i think we're trying to build another asset bubbles to make for the last asset bubble that burst and what happens when this asset bubble bursts? i don't think we're building the fundamentals in economy i'm very worried -- one of the things fed said they will keep things accommodative after the economy strengthens. milton friedman says the economy has long and variable lags. doesn't take much effect until after woods. you need to pull away liquidity when the economy gets strong, not long after it gets strong or you get yourself in trouble. i'm very worried about the outlook a couple years down the line.
ashley: david, i look back at alan greenspan and the housing bubble that was created and you look back at that. what concerns do you have about the fed ease money policy going on for some time now? do you think it will do more harm than good in the long run, do you think. >> two things the stock market is up 12, 13% this year? i would say maybe 70% of that, 3/4 of that perhaps is the fed's easy money policy the maybe the rest because earnings have been doing fairly well although they are starting to weaken now. also rates have been, as mentioned a minute ago, artificially low, distorted by the fed's zero interest rate policy. ask yourself this question. what if we're all surprised next year with a new president, a pro-business president and all of sudden the economy starts to boom? the fed has pumped all this liquidity into the economy and then the fed will have to start tightening sooner than expected. interest rates will shoot higher, much higher than i
think the fed imagines. the stock market could crash. liz: we don't want to hear that. mark, yes or no, we've got to go? >> i think it is a very real concern. yes, that is something we need to be an eye out for. liz: date jones, mark calabria, cato institute, director of financial studies. something tells me we need you back. thank you very much. >> thank you. ashley: which candidate is better for your wallet, president obama or governor romney? coming up next bob dietrich of polaris financial tells us what his research reveals. the answer, well, it may surprise you. liz: were taxpayers duped by bank of america? the federal government filing suit to the tune of more than a billion dollars. liz macdonald is telling us what the serious allegations are. have a little queen to take us into the commercial break. ♪
>> i'm adam shapiro with your fox business brief. wall street closed lower for the second straight day of the federal reserve's latest policy decision did little to boost the markets as expected. the central bank is sticking with its bond buying program called qe3 unveiled last month. another round of underwhelming corporate results also pulled markets down. cheesecake factory released its third quarter results after the closing bell. earnings per share for the restaurant chain in line with estimates at 49 cents. revenue fell short of expectations at $453.8 million. yahoo! started to notify roughly 200 employees they will lose their jobs once the search engine closes shop in korea at the end of the year. as of now yahoo! is not able to
trouble to remain relevant in the internet age. back to you, liz? liz: thank you. ashley: thank you, adam. latest on best buy. with the presidential election less than two weeks away and economy to be sure the issue most americans will be voting on. which party is better for your wallet? both of them will say they are but our next guest has the answer. joining me bob dietrich,
principal at polaris financial planners and author of bulls, bears and yes, the ballot box. great to have you here. i am going to ruin the end of the story here. which party is better for your wallet and why? >> well, actually, surprisingly the democrats have been very good stewards of our economy over last 80 years. that was something a surprise when we look at this data. we evaluate the presidents performed from herbert hoover to george w. bush. in that 80 years, 40 years where the democrats have been in the white house and republicans have been in the white house. and there is interesting line of demarcation for who has done a better job economically. ashley: democratic presidents in your opinion have done a better job. how in particular? >> we looked at 12 independent data points. we didn't cherry-pick data. we basically chose the data points and essentially wrote the book. on 11 of the 12 data points democrats did exceptionally
well. there were strong republican standouts with ronald reagan and dwight eisenhower. ashley: yes. i found it interesting, if person invested $100,000 in the past years republican or democratic rule who makes the most money under which president. >> under republicans, conservatives wound up with turn of 1%. herbert hoover to end of george w. bush's tenure. ashley: wait a minute. that is a misprint, 126 k on republican rule. 3.9 million under democratic rule. >> from fdr, march of 33 through end of the bill clinton's administration, end of january 2001, 3.9 million in change. a considerable difference. at end of the day people need to vote in their economic interests need toe look at all the facts. ashley: your book gifts strongest and weakest performing presidents. come on. dish. >> well, again some the strongest performers were
jfk, lbj, fdr and bill clinton. on republican side, dwight eisenhower and ronald reagan. ones cleaning up bottom of the batting order. ashley: that was my next question. >> george w. bush, richard nixon and gerald ford and herbert hoover was at bottom. ashley: the concept republicans are pro-business and more friendly leads obviously to better for your wallet. and that could be the same said in this current race. now you say that president obama, how is he doing in relation to the economy and in particular everybody's wallet? >> very good question. i actually wrote an op-ed about this comparing how barack obama has done in his first term comparing to ronald reagan in his first term. ashley: okay. >> coincidentally on the same 12 data points we had obama won on eight of the 12 and reagan won on four of the 12. i thought that was also interesting. keep in mind ronald reagan had a very difficult first term as well. he had unemployment up to
10.8% at one point in the latter part of 1982. he had, longest recessions we ever had, was 16 months. he actually didn't get unemployment down until 9.5% and that was labor day of 1983. at that time he really didn't think he, he thought he might be a single term president. things started to improve when he passed tax reform in 1982 rand unemployment was down by the time he was to be reelected. ashley: double term presidents. >> single term, presidents, herbert hoover, jimmy carter, george hw, least common denominator among the three could not cooperate with their own congress. herbert hoover couldn't get along with republican congress and george hw were not happy with his democratic congress. and jimmy carter couldn't get along with congress either. ashley: we want to get along. bob dietrich, bulls, bears
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suing the second largest u.s. bank by assets alleging it hit taxpayer wallets by misrepresenting the quality of home loans. ashley: fox business's liz macdonald on the story and on the set with us with the very latest, liz. >> what is going on bank of america is out with a statement essentially saying look, it is false to say that we failed to buy back loans from fannie mae. this is central to the lawsuit. the government he saysing, look it, we wanted, you, bank of america, to take back the bad loans you put on to fannie mae and freddie mac and caused a billion dollars in losses. 66 billion in total they wanted to put back on banks. 16 billion from countrywide. so one billion is not a lot of money compared to the estimates of 16 billion coming from countrywide to fannie mae and freddie. bank of america hours later said it is false to say it is fighting to get those loans put back and it can't be expected to compensate every entity in the mortgage collapse. but i'll tell you something, here's the statement here,
again that it failed to repurchase loans from fannie mae. but here's the deal. manhattan u.s. attorney essentially saying look, even after bank of america bought countrywide it was still operating a fraudulent scheme to defraud the u.s. government via fannie and freddie and essentially had to hustle loan program, basically pay out bonuses on high volume of ad mortgages. liz: bank of america saying it can not be expected to compensate every entity that claims losses caused by the economic downturn. >> yeah, that's right. we'll be staying on this one. it is a hot story, the first suit of its kind. ashley: liz macdonald, thank you very much. liz: "money" will melissa francis is next i know the name of eight princesses. i'm an expert on softbal and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them,
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